Institutional Holding,Institutional Trading,and Stock Market Information Efficiency
实证研究中国机构投资者如何通过持股和交易渠道影响股票收益风险，发现持股提升信息效率并稳定市场，而交易则破坏效率并加剧波动。
This study empirically examines how institutional investors in China affect the stock return risk through the ownership channel and the trading channel.It is found that institutional investors help to improve information efficiency and stabilize the market through the ownership channel,but destroy information efficiency and destabilize the market through the trading channel.